With the exponential growth in internet usage, the next big thing in the queue of technological advancements is ‘Internet of Things’. The entire world is migrating towards IOT which will have a huge impact on our lives in the coming five years. Leave about connecting computers, laptops and smartphones with the internet, now there will be a multitude of smart devices connected to the internet and each other. Starting from home appliances to big industrial machinery, everything will become smart. Some technology experts call it as the ‘Next Digital Revolution’ while others proclaim it as the ‘Next Generation of Internet’.
IOT is believed to change the entire way people communicate, work and live. Now there will be connectivity for everyone, everything and everywhere. It is going to have an influential impact on how the businesses and government interact with the world.
According to NASSCOM, the global market size of IOT is expected to touch USD 3 trillion by 2020. In this landscape, startups are playing the biggest role in enabling IOT services in the consumer as well as the industrial segment. In India, there are more than 60 percent start-ups working on the lines of IOT with their highly technical and technological skills.
IOT proves to have a huge scope as it provides a unique opportunity for businesses to turn data into insights. There are a number of contributing factors as well that drive the adoption of IOT such as improved sensors, device connections, the evolution of lifestyle and mobility. These factors alone will drive the adoption of IOT in India. By 2020, India’s IOT market is expected to reach by USD 15 billion as per NASSCOM’s report. To provide an improved internet experience, many companies and start-ups have emerged as big players in the IOT market. In India, nearly 120 companies and 70 % start-ups are offering IOT enabled solutions. From 2015 till now, around 60 USD million has been invested in IOT which has given birth to a new way of working and living.
If we talk about IOT applications in an organized manner, these are broadly divided into Industrial and Consumer segments. The industrial segment covers industrial and retail automation which largely contributes to the development of smart cities. On the other hand, the consumer segment is mainly driven by personal interest and covers smart lifestyle, home, health & fitness automation. Likewise, enterprises and consumers using IOT solutions will be complementing the IOT growth in our country.
The shift towards IOT will result in more improved and efficient businesses. Use of IOT enabled devices will make enterprises adopt better technology in their businesses. Several industry experts and analysts have predicted IOT as one of the essential strengths of every business sector by 2020.
From Logistic industry to IT industry, IOT will have a crucial role to play in the development of these sectors. Adoption of IOT will help businesses in saving costs at greater margins. There will also be an exponential drop in the expenses of manufacturing, administration, and selling of goods. All these factors contribute to an IOT enabled supply chain. This will bring out more opportunities for retailers and wholesale giants to have simplified business operations.
The other advantage of IOT applications and services is the productivity of employees. It will help companies in refining their business processes. This would turn out to be an opportunity for better efficiency and quality man hours.
Besides industrial benefits, IOT holds a great potential for transitioning the entire consumer segment. There will be an improved lifestyle, smart home appliances and devices for consumer use in coming years. IOT in consumer sector will be holding a tendency in offering more personalized experience to customers in retail and shopping segment. Comprehensive home security, smart healthcare devices, smart wearables and applications for tracking devices and people will steer the adoption of IOT in consumer as well as industrial sector.
Certainly, in industrial and consumer IOT space, security will remain the foremost concern for start-ups developing IOT applications and devices. Various risks are attached to the security as IOT enabled devices will be saving your personalized data. So before buying any application or devices, it is the consumer’s duty to know about the risks and solutions for their problems.
Written by: Mr. Vikram Kumar, Founder & CEO - Letstrack